RedPoint Global CEO Dale Renner told Loyalty360 that in the past decade marketers have witnessed dramatic changes in the marketing landscape. In a relatively short period of time, power has fundamentally shifted from brands to consumers. Harnessing data into actionable insights leads to the delivery of relevant customer experiences.
“This shift represents a new and permanent paradigm within which brands must rethink their customer operating models,” Renner said. “Brand challenges are exacerbated by channel proliferation and an unprecedented explosion of data. This tidal wave of big data” has created both challenges and opportunities for companies to better harness and utilize the power of their data to gain more valuable insight about customers thereby sustaining profitable revenue growth.
Renner participated in a compelling interview with Loyalty360 to discuss the creation of Modern Marketing Architecture.
What factors drove the creation of your Modern Marketing Architecture and how will it impact customer experience and customer engagement?
Marketers need technology solutions that enable them to harness this massive amount of data and turn it into actionable insight that instantly translates into relevant content, offers and experiences. Marketers who can harness these capabilities will be at the forefront of delivering relevant customer experiences.
Marketers also need solutions that will help them simplify connecting with their customers in an omni-channel world. Instead of operating within siloes of fragmented processes, practices and data resulting in latency and multiple versions of the truth, marketers need integrated environments (single login, single interface) that connect and effectively utilize disparate data and processes to deliver a seamless experience across the enterprise, regardless of the consumer’s preferred channel, offerings and level of engagement.
These are the principles that drove the creation of the Modern Marketing Architecture:
· Give marketers the ability to aggregate and synchronize their data so they can “know all that is knowable” about their customers
· Incorporate in-flight analytics to derive data-driven insights about customer preferences to serve up relevant content and offers instantaneously
· Provide an integrated solution that allows marketers to connect with customers across multiple channels and deliver relevant messages through the customer’s preferred methods of interaction
Platforms that were built during the pre-internet, pre-social media era were not designed to rapidly absorb and digest the large volume and variety of data associated with today’s hyper-connected consumers. Cloud technologies don’t provide the seamless integration that marketers need to deliver their brand experiences holistically. RedPoint Global saw these emerging trends and designed the Modern Marketing Architecture as a framework for harnessing the power of big data, embedded analytics and cross-channel interactions to help marketers and companies achieve a new level of data-enabled sophistication in their customer experience initiatives.
What makes it unique?
The Modern Marketing Architecture is unique in several ways.
First, it is hyper-connected: It can connect to “anybody’s anything.” It is data model agnostic, meaning it can connect to any type of data (structured or unstructured) from both internal and external sources, enabling organizations to create dynamic profiles of their customers without requiring massive amounts of data processing. It leverages the technologies that companies already have in place and connects them all together.
Second, it provides a single, integrated operating console, thereby simplifying the marketing environment. Once messages and offers are defined, they can be programmed into the system and served up “on demand” in response to customer preferences and interactions–across all channels in an integrated fashion. Experiences can be highly personalized because the system is continuously self-optimizing and looking for next-best offers.
Third, it offers analytics where they can do the most good: In-line with the interaction process, rather than just after the fact. It also delivers machine learning-based capabilities for helping marketers automatically determine next best actions and offers to make–whatever the context or cadence of the interaction with the customer.
Why will it change the way marketers interact with their customers?
The Modern Marketing Architecture will give marketers seamless, unimpeded access to any and all channels, resources, tools and data they need to deliver relevant, one-to-one interactions with people, whether a prospect, customer, partner, patient, member–basically any type of individual they need to connect with–in whatever cadence appropriate.
What’s key here is the Modern Marketing Architecture’s ability to give marketers real control of their customer data–from all their data sources–and use it to efficiently and effectively deliver content, offers and experiences to individuals based on a complete and multi-dimensional profile. Once marketers are able to link together everything there is to know about their customer, they can reach out with highly personalized offers and apply in-flight analytics to further refine and optimize the experience with each interaction. So instead of doing “campaigns” based on segmentation, marketers are “speaking” to an audience of one.
How do you define Customer Loyalty and has that definition evolved in recent years?
The definition hasn’t changed, but cultivating loyalty–and sustaining it–has gotten harder. Customers have so many more choices today, so loyalty can be fleeting. One misstep and an organization can easily lose a loyal customer to a competitor. Even worse, unhappy customers can easily broadcast their dissatisfaction to thousands–even millions–of people instantaneously using social media.
What has evolved is the need for companies to be relevant in each and every interaction with a customer. Loyalty is only achieved by creating value for the customer over a sustained period.
Customers are more empowered than ever. With search engines, online pricing, and product reviews instantly accessible to customers through their electronic devices, companies must be hyper-focused on creating value for the customer over a sustained period. Consequently, all interactions must exceed customer expectations, whether they’re online, face-to-face with a sales person or in a store. The data or “knowledge” associated with customers must reflect both the online and offline settings in which businesses and customers interact.
The Modern Marketing Architecture gives marketers the tools they need to create and utilize this knowledge, and gain the insight necessary to be relevant. These technology enablers will lead to better experiences and increased customer loyalty for companies who make the right investments.
Should marketers target new customers or seek to retain and engage even more highly with their most loyal customers?
Ideally, these goals are not mutually exclusive. While it is a well-established fact that it takes more resources to acquire a new customer than to keep an existing one, what is most important is to find and retain those customers that drive profitable growth. The only way this can optimally be accomplished is to have the best understanding of each person. Without that, it is practically impossible to first acquire a customer and then to grow a relationship. The key is being relevant in every interaction with a customer.